Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flounder Corp. has been operating successfully for the past fifteen years. However, during recent years, its common shares outstanding changed as shown below. The

image text in transcribed

Flounder Corp. has been operating successfully for the past fifteen years. However, during recent years, its common shares outstanding changed as shown below. The corporation uses the calendar year as its fiscal year. 2023 2022 2021 Shares outstanding, Jan 1 315,000 252,000 206,000 Shares sold, Apr 1, 2021 46,000 25% stock dividend, Jul 1, 2022 63,000 2-for-1 stock split, Jul 1, 2023 Shares sold, Oct 1, 2023 315,000 106,000 Shares outstanding, Dec 31 736,000 315,000 252,000 Net Income $761,540 670,950 601,250 (a) Calculate the weighted average number of shares outstanding for each year. Weighted average number of shares outstanding 2023 2022 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel

8th Edition

1260881245, 9781260881240

More Books

Students also viewed these Accounting questions

Question

How is a contract generally defined?

Answered: 1 week ago

Question

Who are the principal channel members in lodging distribution?

Answered: 1 week ago

Question

Why are travel agents important to lodging operations?

Answered: 1 week ago